Wema Bank Gets Shareholder Approval For Capital Reorganization

Wema Bank Plc. at its Extraordinary General Meeting (EGM) held on Friday October 20, 2017 in Lagos, received the approval of its Shareholders’ towards the attainment of its Scheme of Capital Reorganisation exercise. With this approval, Wema Bank would give effect to the creation of a Capital Reduction Account (CRA), the transfer the negative balances in the retained revenue account to the Capital Reduction Account (CRA), reflect the carrying amounts on the specified assets based on their current economic values while effectively setting-off these balances against the share premium account.